So there's a house I'm looking at with greedy eyes.
The wife isn't exactly onboard with the idea of moving into a house; it's a frightening move, obviously, one with many potential pitfalls and perils. However, it is a concept that has become more appealing to me as I get a little older. Being able to place a phone call to maintenance to get any issue in the apartment fixed is nice, that's true, but the part of my genetics that I inherited from my father is beginning to scream into my ear, saying things like, "You can fix that yourself!"
It's strange. As I approach the age of 30 I find myself examining the idea of owning rather than renting. I like the idea of something being *mine.* I like the idea of keeping it up and making it better with my own two hands. I *want* to have to get into the basement and wrench off a leaky pipe, then get all filthy replacing it. I *want* to have a garage where I can tinker around with my latest brainchild or change the oil on my truck.. That's what my dad does and I've always admired it, and now I want it too.
Anyway, click here and observe the property I am eyeballing.
3 bedrooms, 1 bath, finished basement(!!!), property inspection report states that with the exception of a doorframe, damage to a wall, and some of the floor coverings being gone, it's in fine shape. Structure is on point inside and out, roof is good, pipes are good, electrical's good.
One downside is, apparently all of the appliances are missing. Fridge, dishwasher, washer/dryer, etc. are all gone. That's sort of good news/bad news for me; it'd be somewhat inconvenient, on one hand, but it'd also be nice to be able to pick all those things out myself rather than deal with somebody's secondhand junk.
We drove by it last night and discovered that the neighborhood is, how you say... "average." Not real nice, not a dump, just a bunch of people in what is roughly our income bracket.
Now, it goes without saying that I know nothing about home ownership. Absolutely zilch. So I turn to the only two friends I have who have been through it and ask: What do you think?
5 comments:
And here I am, keen on moving to a vintage apartment downtown. :(
How are we going to resolve this one, dear? I'm afraid we've finally hit a point where one of us is going to have to sacrifice his or her dream to make the other happy.
How can we compromise? I hate the concept of a dumpy house in an average American division and you have this overpowering urge to own now.
I'm really baffled this time. Usually, we can work it to make us both at least somewhat happy...
Please help. This idea of yours really makes my heart sink.
First step would be to prequalify for financing. We've always gone through Ted Sherfick for our lending. He's a great guy and will explain all your options and will not push you into something that's not good for you.
This will give you a good idea on what you can afford and give you estimated payments.
Considering it was a foreclosed home, it doesn't surprise me that it doesn't have appliances, but it does surprise me that it has cabinets. Usually anything that can be carried away, is.
I haven't had much chance to look at the actual house, but the one thing that does concern me is the possible mold. You will want to get that looked at, maybe even past a regular inspection. Mold is something that you really don't want to mess with.
This is a great time to buy a house. Prices are really low, so are interest rates. Don't forget that mortgage interest is tax deductible. However, considering that you've had to tighten your financial belt lately you'll have to ask yourself how feasible it is.
You can qualify for special loans and offers since you don't currently own a home. Just please make sure you plan meticulously. Of course there's also compromising with your wife. Truely a lot to think about.
I would be very cautious here. First thing that jumped out at me was the fact that it mentioned possible mold. Mold can be a pain in the butt to get rid of, plus cause some serious health problems.
My husband and I went through this process for about 6 months before finally deciding that home ownership just wasn't in the stars for us at this time. If you are really interested in this house though, get a home inspection. It'll cost about 300, but it will be so, so worth it. Plus, with how bad housing is doing nowadays, I would not be surprised if they haven't listed everything that is wrong with it. Also, make sure to drive past it at night as well as during the day to get a better feel of the neighborhood.
In the mean time, if you're interested in playing Mr. Fixit, you could volunteer your time to Habitat for Humanity. I know it's not the same as ownership, but it is taking your laboring and tinkering needs and putting it to good use.
By law, whomever is managing the property at this time is required to disclose all problems. There are also requirements by the lender or lending program that the house must meet in order to be covered. Inspection is a must, but do not use one that the property manager recommends. Anything that is not disclosed that is found after the sale is closed can be made to be fixed by the prior owner or manager. It's a pain, but it can be done. I've personally never had to deal with it.
All right. I have given this thought over lunch. Drawing is good for that. It lets the mind wander.
I think we have reached a point of maturity in our marriage where the future demands a little shape. We've been living casually until this point. That's fine. Newlyweds should take some time to get used to each other before adding complications.
Or so I think.
Obviously, we have vastly different aims. Being the retro-art person I am, I want to live in an historic neighborhood in the city. I like the urban vibe and the centralized location seemed good for us. You'd be a hop from work, and I'd be halfway closer to school and work.
You are getting the urge to build, to own. There is NOTHING wrong with that! Your father is definitely a handyman. I think it's great you have an interest in these practical skills.
The idea of a fixer-upper isn't all unappealing. I suppose I'd just want to find a really charming place. There's a difference between "it's charming and just needs love" and "OMG, this place is a @#$#$ wreck!".
The thing is, do you want to live in this place or just fix it? Yes, ownership is nice. I'd love to own a building downtown and let the lower floors. Sure, ownership is the ideal. I'm all for that!
I remember when mom and I would hunt for homes every year or so. This was before I moved away, obviously. We kept looking for that one special place that called to us. We had a few great laughs at some of the rotten places they had for sale! I think my favorite was the godawful rose-pink bathroom. Stem-to-stern pink. It would have shamed Barbie. Even the lightbulbs were tinted pink. :)
Anyway, I understand where you're coming from. I really do. It isn't what I want at all, but I want to respect your desires. You've given me so much.
In that light, we can't just rush into this and I know you wouldn't, but prepare to be disappointed at the reality of costs. It isn't just the payment, you know. We'd be incurring taxes, water, maintenance, higher insurance, higher electrical bills, repairs, and so on.
Especially one of these foreclosed houses.
You others cannot see the house. It's more than "needs slight repairs". The roof looks all right, but that's it.
Front door looks like someone has kicked it repeatedly and literally knocked the paint off. The front yard pole lamp is canted horribly, the garage has some kind of lining sagging from it. The back fence is pretty wonky and the view is ugly.
I think these people probably didn't take good care of it. Just a guess. Especially if it has mold.
Oh, and the mailbox has been removed. Yeah, they stripped it all right.
Of course, that isn't the inside.
Point it, I think THIS house is not a good fit.
I have no problem with you looking for houses. I know I've kicked my feet about it and I need to, because it's a joint decision. I want to be fair, though. I got the car and the education. Maybe this is what I can give you.
But if we ARE going to do this, I think it should feel right. We need to plan long-term on this. My school is going to be eating up the next four or five years of my life. After that, I have no idea where I'll go to find work. We have to prepare for that time. For me, it's obviously the Key Moment.
Let's just see what there is to see, explore all avenues. I don't want to just rain on the idea without giving it a chance.
Trust me, there will be more of these places cropping up all the time. :(
Love you.
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